Alice Chambers |
Almost nine out of every 10 finance leaders feel challenged by not having the automation tools they need to alleviate repetitive tasks according to Microsoft’s 2023 Future of Finance Trends report.
One solution that is helping address that challenge is SignUp Software’s ExFlow AP Automation for Microsoft Dynamics 365 by automating daily tasks related to accounts payable (AP).
“ExFlow increases productivity by automating tasks and making life easier for everybody involved in the AP automation process,” says Olof Hedin, CEO of SignUp Software. “This includes vendors, AP and finance staff, as well as purchasing personnel and approvers across customer organisations. As a result, organisations save time and money, gain better control and achieve enhanced compliance.
“ExFlow is built into Dynamics 365 for Finance and Operations and Business Central, meaning that there is no need for integration, double storage of data or data synchronisation. The solution ensures that everything is done in real time and that users have one single source of truth.”
The solution comes with out-of-the-box access to Microsoft Power BI dashboards that include all necessary key performance indicators to track AP automation performance throughout the entire invoice process, from data capture through to matching and approval, to final posting.
SignUp Software also uses artificial intelligence-powered capabilities to enhance its solutions.
“We have incorporated AI and machine learning into various aspects of the AP process for several years,” says Hedin. “First, we use it to extract invoice information from scanned or PDF invoices and match it with the appropriate fields in the Dynamics 365 enterprise resource planning system. AI then determines the best way to code the invoice based on historical postings of similar invoices. Simultaneously, the algorithm suggests the right person for invoice approval.
“More recently, too, we’ve begun to feed AI with all our support tickets, knowledge articles and manuals. This system allows both end users and consultants to pose questions and receive ExFlow-specific answers. This feature will also be integrated into Microsoft’s Copilot.”
The firm is broadening its product portfolio to provide smart solutions for entire finance teams.
“SignUp Software has established a strong reputation based on our flagship product for AP automation during the last 20 years,” says Hedin. “But we also understand that our customers and partners in the Dynamics community have evolving needs, and we are committed to meeting those needs. We are expanding our product portfolio to provide a suite of solutions that complement Dynamics 365, designed for the Office of the CFO.
“By offering a wider range of products, we can address not only the AP process but also other critical business processes, such as expense management, fraud prevention, e-invoicing and accounts receivable.”
SignUp Software will deliver these solutions through its worldwide partners.
“The vast majority of ExFlow business is both sold and delivered through our partner network,” says Hedin. “One of our core missions is to make life easier for our partners and enable them to achieve success with the end customers. SignUp Software has several types of partners – most of them are system integrators, both local and global, but we also have independent software vendor partners that have horizontal or vertical industry solutions, combining their own solution with ExFlow.”
The firm’s partnership with Microsoft, and Microsoft partners, will continue to be of fundamental importance to its future.
“We’re continuing to collaborate with Microsoft to complement the Microsoft stack,” explains Hedin. “We have a deep understanding of Dynamics 365, which means that we can provide our customers with functionalities and solutions that help achieve the highest possible degree of automation for their business. Through this relationship, as well as our cooperation with over 100 Microsoft partners across the globe, we will ensure that we deliver the best technology to drive productivity in the workplace and provide localised support expertise to our customers.”
This article was originally published in the Autumn 2023 issue of Technology Record. To get future issues delivered directly to your inbox, sign up for a free subscription